“Lloyds TSB will continue to provide the same assurances in the event of any fraudulent use as with Chip and PIN payments,” the company asserted in a statement. Sadly, this is likely to prove cold comfort to those who have reported fraudulent Chip and PIN transactions, where the customer is traditionally blamed for divulging the PIN and must prove their innocence before monies are refunded.
The cards will be automatically issued to all current account customers – aside from those on the company’s ‘Control Account’ product – located within the confines of the M25 the next time their card comes up for renewal.
The bank provides an opt-out mechanism for those would prefer to stick with Chip and PIN – or even the lesser-known Chip and Signature – while those outside the M25 can request inclusion in the programme should they so desire.
Contactless cards have been in use in the UK for some years. But until recently, BarclaysCard has been the only major issuer actually involved. As consumers show interest in using these “wave and pay” cards and contactless acceptance among merchants improve, other banks have become more active in this area recently. With the London Summer Olympics coming next year, the government and the banking industries are hoping to make it easier for both residents and visitors during their stay.
